Hong Kong Monetary Authority: Beware of Tokens Claiming Association with Licensed Stablecoin Issuers

The Hong Kong Monetary Authority has issued a notice urging the public to stay vigilant and pay attention to press releases from Point Fintech Limited and The Hongkong and Shanghai Banking Corporation Limited, which involve tokens claiming association with licensed stablecoin issuers. Tokens using the codes “HKDAP” or “HSBC” have appeared in the market, but these tokens are neither issued by licensed stablecoin issuers nor have any connection with them. As of now, both licensed stablecoin issuers have stated that they have not issued any regulated stablecoins in the market. The public should remain alert to any fraudulent activities or scams claiming association with licensed issuers or their stablecoins. If in doubt, the public should refer to the official announcements of the two licensed issuers. The public is also advised to purchase or use stablecoins through regulated channels.